Its been another frustrating week for crude traders given the initial rally in the market, and subsequent retracement lower. Oil was boosted mid-week by the latest industry reporting which showed an unexpected drawdown in US crude stocks. The Energy Information Administration’s report, covering the week ending August 16th, showed US crude stores falling by 2.7 million barrels. This was greater than the 1.9 million barrel draw the market was looking for. It also marks the second consecutive week of declines in US crude stores. Notably, the report showed that crude levels at the Cushing delivery hub in Oklahoma fell ... (full story)